EXHIBIT 99.1
POET Technologies Announces Development & Supply Agreement with Leading European Optical Systems Company for a 400G Data Center Application
TORONTO, Sept. 09, 2020 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, announced today that it has signed a development and supply agreement with a leading European optical systems company with global operations for a 400G data center application.
The contract includes a nominal amount of Non-Recurring Engineering (NRE) funding to design optical engines based on the POET Optical Interposer for a 400G application, along with a Purchase Order for initial production units. The design and development stage is expected to extend through March 2021, with production planned for June 2021, consistent with the Company’s recently updated roadmap presented at its shareholder meeting held on August 26, 2020. The customer is a leading provider of optical networking systems for data center and enterprise applications. However, due to confidentiality, the name of the customer and the specifics of the end application cannot be disclosed.
Also highlighted at the recent shareholder meeting by Dr. Suresh Venkatesan, POET’s Chief Executive Officer, unprecedented levels of demand are driving massive investments in global internet infrastructure. 400G represents the next generation of optical interconnect solutions for data communications, now in the initial stages of adoption by cloud data center operators. Such demand translates directly to fiber and related optical devices, including for optical engines based on the POET Optical Interposer, a platform that integrates diverse components into a single chip-scale device at lower cost and higher performance.
“The agreement is further evidence of the expanding customer interest in POET’s optical engines and the pace at which our product development is progressing,” said Vivek Rajgarhia, POET’s President & General Manager. “Over the next several months, we expect demand from additional customers will increase further as we continue to demonstrate the full capabilities of the Optical Interposer. Our platform utilizes a novel approach to integrating key electronic, photonic and optical components into a full transmit and receive optical engine, broadly applicable to data center and telecommunications products. We look forward to reporting our progress on a regular basis and announcing additional customer engagements and partnerships as we are able.”
About POET Technologies Inc.
POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer™ a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations in Allentown, PA and Singapore. More information may be obtained at www.poet-technologies.com.
| Shareholder Contact: Shelton Group Brett L. Perry sheltonir@sheltongroup.com | Company Contact: Thomas R. Mika, EVP & CFO tm@poet-technologies.com |
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